Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2021 Cost incurred during the year $2,640,000 2022 $2,300,000 2023 $2,926,000 Estimated costs to complete as of year-end 6,160,000 Billings during the year Cash collections during the year 2,660,000 2,080,000 2,860,000 1,840,000 2,800,000 0 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion.